NEW YORK CITY-Ernst & Young LLP partner Mike Straneva, who has headed the firm’s transaction real estate practice since 2005, now takes the reins of E&Y’s Americas real estate sector. Succeeding him as head of the transaction practice is Mark Grinis. Both men have more than two decades’ experience in commercial real estate to their credit.

Based out of E&Y’s Phoenix office, Straneva will focus on further expanding the firm’s overall assurance, tax and transaction advisory practices in the real estate arena. Over a 27-year career, he has focused on representing REITs, homebuilders, sovereign wealth and private equity funds, lenders and creditors in a wide variety of markets. He also has several years of experience advising on real estate workouts and restructurings. 

“Mike is already an extremely well-recognized leader in the real estate marketplace, and we expect his knowledge, experience and keen understanding of the market will now benefit a far wider range of our clients,” says Howard Roth, E&Y’s global real estate leader, in a release. “His new focus will enable us to concentrate on growing our overall business at a critical time as the real estate markets begin their next growth cycle.” Straneva adds in the release that this is “ an exciting time in the real estate sector.  Fundamentals are returning to the market and corporate America is beginning to make moves toward expansion in expectation of a stronger rebound in the economy.”

Grinis assumed global leadership of E&Y’s real estate funds practice late last year and led its recent distressed services initiative. During the real estate market crash of the late 1980s, Grinis worked with E&Y in California and Texas. He then moved to Japan, where he was an integral part of the Ernst & Young ShinNihon LLC team during that country’s “Lost Decade.” Grinis has also served as coordinating partner on some of the US firm’s largest accounts. He’s a member of the editorial advisory board for Distressed Assets Investor, sister publication to GlobeSt.com.